New York & Tri-State + Downtown New York + Apartments | July 9, 2019

Greenwich Village Multifamily Sells After 70-Year Hold

Avison Young’s tri-state investment sales group has finalized the sale of 29 Fifth Ave., a seven-story, 14,884-square-foot multifamily property in Greenwich Village. The 100% leased property includes 12 rental apartments, one super unit and two ground-floor professional units, and sold for $16.5 million.

“This type of investment opportunity in Greenwich is rarely available, so it’s no surprise we were able to sell 29 Fifth for $1.5 million above the asking price,” said James Nelson of Avison Young.

Nelson and his colleagues Mitchell Levine, Brandon Polakoff and David Shalom, represented ownership, which had held the property for 70 years. Hildreth Real Estate Advisors’ David Shorenstein & Jason Breitstone represented the buyer.

All of the residential units can potentially be converted to three-bedrooms without compromising the layout. The property will be managed for the buyer by Canvas Property Group.

Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).